Core Insights - The year 2025 was marked by significant market fluctuations driven by various uncertainties, including trade wars, geopolitical shifts, and monetary policy divergences, leading to both challenges and opportunities for market participants [1][5] - The total capital in the market exceeded 2 trillion yuan, with over 2.7 million effective clients and more than 65% of positions held by institutional clients, indicating a growing participation from various sectors [4] - The number of futures and options increased to 164, with a complete coverage of mature futures by options, reflecting a deepening of market structure and product offerings [4] Market Dynamics - Traders have become more sophisticated, implementing disciplined strategies such as stop-loss orders and using options to mitigate risks, which enhances decision-making through technology [1] - Entities in the real economy are actively transforming uncertainties into controllable factors by integrating futures with spot markets and options [2] - Futures practitioners are dedicated to understanding industry conditions and providing risk management strategies to support enterprises [3] Institutional Developments - Market organizers are pragmatically optimizing institutional rules and monitoring anomalies to create a high-quality operational system [4] - The media outlet "Futures Daily" has maintained its commitment to professional journalism, focusing on trader and industry needs while enhancing digital transformation and providing specialized data support [4] Future Outlook - The industry aims to deepen reforms and innovations, focusing on key areas such as green development and specialized agriculture, while introducing new futures products to meet evolving risk management needs [5] - There is a commitment to developing a comprehensive risk management service that integrates futures with banking and insurance sectors, ensuring robust support for the real economy [5] - The industry emphasizes the importance of talent development, aiming to cultivate a skilled workforce to enhance the depth of talent reserves [5]

Group 1 - Guangzhou Futures Exchange's international influence is increasing, with a complete factor aggregation system. The exchange will list platinum and palladium futures and options on November 27, 2025, filling a gap in domestic risk management tools. By the end of 2025, the cumulative trading volume of futures and options reached 796 million contracts, with a total transaction value of 48.6 trillion yuan. The "Guangzhou price" for lithium carbonate and industrial silicon has become an important pricing reference for major resource countries like Brazil and Zimbabwe, further enhancing the exchange's international influence [3][4][6] - The number of futures companies and branches in Guangzhou reached 96 by the end of 2025, with a gradually improving futures ecosystem that integrates spot and futures trading [3][4] Group 2 - The "Nansha Financial 30 Measures" were launched, accelerating the construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative includes the establishment of various financial innovation institutions and the expansion of pilot banks for FT accounts [2][4] - The establishment of the CITIC AIC headquarters marks a strategic breakthrough in Guangzhou's financial precision招商, with several licensed financial institutions approved to operate [4] Group 3 - Guangzhou is solidifying its position as the "National Investment Advisor First City" by developing the investment advisory industry, supported by national policy documents. The city has introduced the first policy measures to support AI investment advisory [5] - The Guangzhou Investment Advisor Conference attracted over 300 institutions and more than 1,000 industry representatives, showcasing the city's growing influence [5] Group 4 - The "Win-Win Plan" was launched to promote a virtuous cycle of "technology-industry-finance," with over 1,050 enterprises signing agreements worth over 40 billion yuan to support strategic industries [6][7] - In 2025, Guangzhou added 12 new domestic and foreign listed companies, raising nearly 20 billion yuan, and actively pursued merger and acquisition opportunities [7] Group 5 - Guangzhou's financial resources are deeply integrated with the "12218" modern industrial system, with a total loan balance of 8.67 trillion yuan by the end of 2025, a nearly 60% increase from the end of the 13th Five-Year Plan [8] - The city has established a capital market financing service platform, gathering over 1,000 key industry enterprises [8] Group 6 - Financial elements are accelerating their penetration into rural areas, with agricultural loans exceeding 420 billion yuan, ranking first in the province [9] - The "Guangxin Pre" consumption prepayment fund supervision platform was launched to address livelihood issues, covering seven major livelihood areas and significantly reducing consumer complaints [10] Group 7 - The introduction of a real estate trust property registration pilot program aims to provide institutional support for revitalizing existing assets, with the issuance of the first real estate trust pre-registration certificate in the country [11][12]

Core Insights - The year 2025 was marked by significant market fluctuations driven by various uncertainties, including trade wars, geopolitical shifts, and monetary policy divergences, leading to both challenges and opportunities for market participants [1][5] - The total capital in the market exceeded 2 trillion yuan, with the number of effective clients surpassing 2.7 million, and institutional clients holding over 65% of positions, indicating a growing participation from various sectors [4] Market Dynamics - The market experienced notable price movements, with gold reaching new highs, silver gaining momentum, and copper and tin markets rebounding, reflecting the interplay of supply, demand, expectations, and sentiment [1] - Traders have become more sophisticated, implementing disciplined strategies such as stop-loss orders and options to mitigate risks, while also leveraging technology for decision-making [1] Industry Developments - The number of futures and options increased to 164, achieving full options coverage for mature futures products, and enhancing market depth through the introduction of series options and average price futures [4] - The industry is undergoing a digital transformation, with advancements in research, risk management, and the implementation of smart technologies to improve service efficiency and strategy precision [4] Future Outlook - The industry aims to deepen reforms and innovations, focusing on key areas such as green development and specialized agriculture, while introducing new futures products to meet evolving risk management needs [5] - There is a commitment to enhancing talent development within the industry, emphasizing the importance of cultivating professionals who can navigate the complexities of the market [5] - A robust risk monitoring and control system will be established to ensure market risks are measurable, controllable, and manageable, reinforcing the industry's commitment to risk prevention [5]

Group 1 - The China Securities Regulatory Commission (CSRC) has commented on the first-instance judgment in the Jin Tong Ling Securities false statement representative litigation case, marking it as another significant case following Kangmei Pharmaceutical and Zeda Yisheng, which utilizes the special representative litigation procedure for securities false statement liability disputes [1] - The CSRC emphasized that the Jin Tong Ling case effectively demonstrates the function of the special representative litigation system in protecting investors' rights and resolving disputes through a collective and low-cost approach, thereby serving as a strong deterrent against potential violations in the securities market [1] Group 2 - The CSRC also addressed the announcement by the Shenyang Intermediate People's Court regarding the Jinzhou Port securities false statement liability dispute, highlighting the severe disruption to market order and harm to investors' rights caused by the false statements [2] - The CSRC confirmed that over 50 investors authorized the China Securities Investor Service Center to apply for the conversion of the case to a special representative litigation, effectively implementing the new "National Nine Articles" directive to enhance the application of the special representative litigation system [2] - The CSRC will continue to support the China Securities Investor Service Center in fulfilling its legal public service role in representing investors in civil litigation, promoting judicial cooperation to better protect the rights of investors, especially small and medium-sized investors [2] Group 3 - On December 30, Wenkang Securities announced the establishment of a special fund for advance compensation related to Guangdao Digital's false statements, with the China Securities Investor Protection Fund acting as the fund manager [3] - The advance compensation mechanism is recognized under the Securities Law as a means to diversify the resolution of securities disputes, where the controlling shareholders and relevant securities companies voluntarily commit to advance compensation for investors [3] - The CSRC supports market institutions in proactively engaging in advance compensation efforts to effectively resolve market disputes and maintain investors' rights [3]

近期，在大连商品交易所及地方政府支持下，由银河期货牵头，携手交子期货共同承做、人保财险承保 开展的"保险+期货"项目顺利结束，取得了较好的赔付，整体赔付率为100.92%，为种殖农户带去了更 多经济收益。 2025年12月16日，交子期货风险管理子公司茂川资本赶赴内蒙古扎赉特旗，参与了大商所生物育种大 豆"保险+期货"项目赔付会，并在巴彦高勒镇巴彦高勒村开展了党建共建结对帮扶活动、"保险+期货"项 目培训、签署了《基层党建工作结对共建合作备忘录》。 生物育种示范项目采取"保险+期货"收入保险模式，项目涉及的作物和地块必须属于当年"农业农村部生 物育种产业化推广工作"。2023年和2025年大连商品交易所发布了"农民收入保障计划"生物育种专项项 目的通知。交子期货有幸两次都参与其中，累计承做生物育种项目金额336.56万元，投保大豆741.632 吨，惠及1家合作社、1家农牧场和2户种植农户，最终项目运行效果较好，为地方种植主体提供了有效 的经济保障。 未来，交子期货将携手风险管理子公司继续以"保险+期货"为抓手，增加综合险或收入险项目开展数 量，积极探索金融创新模式，为农户提供更加稳定和可预期的收入保障。 ...

Core Viewpoint - The "Insurance + Futures" project for natural rubber in Yunnan's Lincang County has successfully concluded, providing significant support to local rubber farmers and enhancing their economic stability [1] Group 1: Project Overview - The project, supported by the Shanghai Futures Exchange and conducted by Jiazi Futures, covered 1,000 tons of rubber and spanned an area of 11,064 acres [1] - A total of 6,070 rubber farming households benefited from the project, including 3,171 registered impoverished households [1] - The project resulted in approximately 623,800 yuan in compensation, with Jiazi Futures promptly settling the claims with the insurance company [1] Group 2: Future Initiatives - Before the project's expiration this year, Jiazi Futures and the insurance company conducted a pairing assistance and party-building activity in the Honghe Hani and Yi Autonomous Prefecture [1] - A memorandum for grassroots party-building cooperation was signed between Jiazi Futures and the local agricultural and rural affairs bureau [1] - Jiazi Futures aims to continue supporting the stable development of China's natural rubber industry and explore innovative financial models to provide better risk management services for rubber farmers [1]

Core Insights - The "insurance + futures" project for live pig price risk management in Guangxi has successfully completed compensation, amounting to approximately 156,200 yuan [1] - The project, which is part of a broader initiative by the company in Guangxi, aims to support the local pig farming industry, a key pillar for rural revitalization [1][2] Group 1 - The compensation amount for the recent project was approximately 156,200 yuan, exceeding the farmers' self-contribution ratio by 195.20% [1] - The project duration was one month, with a total investment of approximately 7.84 million yuan, covering 670.32 tons of live pigs (about 5,586 heads) [1] - The "insurance + futures" model has been widely adopted across the country since the launch of live pig futures, effectively helping farmers hedge against price volatility and boosting their confidence [1] Group 2 - This year marks the third consecutive year that the company has implemented the "insurance + futures" project in Guangxi, with a cumulative project amount of 45.83 million yuan and a total insured pig scale of 3,116.32 tons [2] - Cumulative compensation has reached 3.23 million yuan, with an average compensation rate of approximately 114.28% [2] - The initiative has injected financial support into the local pig farming industry, demonstrating the company's commitment to deepening its engagement with the real economy and contributing to rural revitalization in Guangxi [2]

五莲县于里镇于家官庄村近日迎来乡村振兴路上的又一份暖心支持——港信期货再次捐赠10万元，用于村党支部领办的面食加工 合作社项目建设。这已是港信期货第二年向该合作社提供帮扶，累计捐赠达20万元，持续助力村庄特色产业发展。 未来，港信期货将继续以专业之力助力乡村特色产业发展，推动更多有温度、有特色的乡村品牌走向更广阔的市场，在乡村振兴 的道路上贡献坚实的金融力量。 为拓宽村民致富渠道，于家官庄村党支部立足本地资源，牵头成立面食加工合作社，重点发展石磨面粉、手工馍馍等农副产品加 工与销售。此次捐赠资金将主要用于购买加工设备、采购粮食原材料以及门店装饰等方面，助力合作社实现标准化、规模化生 产。目前，本地电商团队已对"于家馍馍"进行包装升级，，未来将通过"线下门店+线上电商"双渠道同步销售，进一步打开市场。 项目建成后，预计每年可生产面粉300吨、加工面食产品350吨。值得一提的是，合作社将每年免费为本村"幸福食堂"供应馒头，切 实解决39名75周岁以上老人的日常就餐问题，实现经济效益与社会效益的双赢。 ...

岁暮天寒，真情送暖。近日，港信期货再次向五莲县困难群众送去优质大米，以持续三年的爱心捐赠传 递企业的关怀与温度。 一袋米，载着温暖；一堂课，传递新知。港信期货以实际行动诠释国有金融企业的社会责任，坚持物资 帮扶与知识赋能并重，在乡村振兴的道路上持续贡献专业力量与人文温度，与乡村一道，共守温暖、共 筑希望。 港信期货与五莲县相关村党组织围绕乡村振兴主线，坚持开展党建共建，通过党课联学等形式推动资源 共享、行动协同，本次捐赠正是双方持续合作的又一生动实践。 结合当地农业实际，港信期货还组织了面向乡村干部与村民的专题培训，聚焦玉米等农产品，系统介绍 期货市场的基本原理与价格风险管理知识，帮助村民了解如何运用现代金融工具增强农业经营的稳健 性，为乡村发展融入更多专业思维。 ...

Core Viewpoint - The Central Rural Work Conference held in Beijing from December 29 to 30 focuses on the modernization of agriculture and rural areas, emphasizing tasks such as stabilizing agricultural product prices, ensuring stable income for farmers, enhancing the quality and efficiency of the "vegetable basket" industry, and improving agricultural disaster prevention and mitigation [1][2]. Group 1: Agricultural Modernization and Futures Market - The conference outlines key tasks that align with the core functions of the futures market, such as price discovery, risk management, and resource allocation, indicating a clear direction for the futures industry to support agriculture [1]. - The futures industry is encouraged to leverage its advantages to address challenges in agricultural production and operations, such as price volatility and financing difficulties, thereby becoming a crucial financial service for the agricultural economy [1][2]. Group 2: Risk Management and Financial Services - The emphasis on maintaining reasonable prices for important agricultural products and ensuring stable income for farmers positions the futures industry as a key tool for stabilizing agricultural expectations and safeguarding farmer earnings [2]. - The "insurance + futures" model is highlighted as a method to transfer price volatility risks to the derivatives market, providing dual protection for farmers in terms of price and income [2]. - The futures industry is urged to enhance financial education for farmers, improve service accessibility and transparency, and develop a price index system for agricultural products to make futures tools understandable and usable for farmers [2][3]. Group 3: Future Pathways for the Futures Industry - The futures industry can deepen its services through two main pathways: forming fair and transparent agricultural product price signals and promoting the "insurance + futures" model to cover more specialty agricultural products [3]. - Collaboration with financial institutions and leading enterprises to create a "futures + orders + credit" ecosystem is essential for activating rural assets and addressing financing challenges [3]. - The industry aims to integrate futures services into the entire rural revitalization chain, injecting financial momentum into the high-quality development of agriculture in China [3].